AutoZone, Inc. Revenue in 2024

AutoZone, Inc. reported $17.2B in revenue for fiscal year 2024. This represents a growth of 5.7% compared to the 2023 figure of $16.3B.

AutoZone's negative cash conversion cycle is the most important financial fact about the company and the least discussed. The company turns inventory 1.5 times per year but pays suppliers on 60-90 day terms, generating $2.85 billion in annual cash from operations that is structurally separate from net income. That cash funds buybacks, which have retired roughly 90% of shares outstanding since the program launched in 1998. Revenue grew from $15.88 billion in FY2022 to $17.18 billion in FY2024, steady 5-8% annual growth that tracks the age of the US vehicle fleet — older vehicles require more parts and maintenance, and the average vehicle age in the US has been rising for over a decade. Net income of $2.39 billion represents a 13.9% net margin on retail revenue, exceptional for a business with physical stores and inventory overhead. Market capitalization of approximately $54 billion against $17.18 billion in revenue prices AutoZone at 3.1x revenue — modest for a company with 13.9% net margins and a compounding buyback program. The buyback arithmetic is important: at this pace of share retirement, earnings per share grow materially faster than total net income, and the company has delivered EPS growth in excess of net income growth for two decades. The commercial segment expansion is the strategic growth bet. DIY retail growth tracks vehicle age; commercial growth tracks repair shop economics. As vehicles become more electronically complex — more modules, more sensors, more software — the independent repair shop market that AutoZone's commercial business serves either grows with that complexity or loses work to dealerships that have proprietary diagnostic access. ALLDATA's diagnostic software is the hedge against that outcome.